Thursday, October 30th9.5°C
23696
23372

Brent crude falls 1% on renewed supplies from Libya; weak sanctions on Russia

The price of U.S. oil inched slightly higher Monday but global oil fell more than one per cent on expectations of increased exports from Libya.

Benchmark West Texas Intermediate crude for June delivery rose 24 cents to close at US$100.84 a barrel on the New York Mercantile Exchange. Brent crude, an international benchmark used to price oil used by many U.S. refineries, fell $1.46, or 1.3 per cent, to close at US$108.12 in London.

Brent fell on news that Libya would soon resume exports from a 70,000 barrel-per-day terminal that had been occupied by rebels. Libya has struggled to deliver steady oil exports in the three years since the ouster of former leader Moammar Gadhafi. Libya's exports are roughly 220,000 barrels a day, down from 1.4 million barrels a day a year ago.

Energy analyst Jim Ritterbusch said in a research note Monday that U.S. and European sanctions against Russia over its involvement in the turmoil in Ukraine appeared to be less strict that oil traders had expected, further pushing oil prices down.

Still, analysts say prices remained higher than they would otherwise be because of fears that sanctions against Russia would disrupt supplies of that country's oil and gas. Global supplies are ample, and demand growth is weak.

"Growth in demand is so far unable to match, let alone outpace, the increasing oil supply," said Fawad Razaqzada of Forex.com in London.

In other energy futures trading on the Nymex, wholesale gasoline fell four cents to close at US$2.986 a U.S. gallon (3.79 litres), heating oil fell 3.6 cents to close at US$2.945 a gallon and natural gas rose 14 cents to close at US$4.79 per 1,000 cubic feet.

(TSX:ECA), (TSX:IMO), (TSX:SU), (TSX:HSE), (NYSE:BP), (NYSE:COP), (NYSE:XOM), (NYSE:CVX), (TSX:CNQ), (TSX:TLM), (TSX:COS), (TSX:CVE)

The Canadian Press


Read more Business News

22970


Recent Trending




Today's Market
S&P TSX14490.75-36.82
S&P CDNX770.86-10.21
DJIA17171.40197.09
Nasdaq4555.298+6.072
S&P 5001990.50+8.20
CDN Dollar0.8940-0.0001
Gold1201.50-23.40
Oil81.06-0.90
Lumber324.50+2.90
Natural Gas3.715+0.066

 
Okanagan Companies
Pacific Safety0.115+0.015
Knighthawk0.01-0.005
QHR Technologies Inc1.12-0.03
Cantex0.045-0.015
Anavex Life Sciences0.172-0.008
Metalex Ventures0.0350.00
Russel Metals32.29-0.28
Copper Mountain Mining2.020.00
Colorado Resources0.14+0.005
ReliaBrand Inc0.012-0.004
Sunrise Resources Ltd0.05+0.025
Mission Ready Services0.36-0.01

 





FEATURED Property
20610084099 June Springs Rd
$1,250,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Empty nesting: financial issues

Now that the children have ‘left the nest’, it is a good time to step back and take stock of your financial situation. Being on your own will probably cut household costs to some extent, b...


Keep your haunted home safe

Eerie sounds, spooky lights and Jack-o’-lanterns aglow—extra efforts at Halloween will keep visitors coming back for both tricks and treats. However, to keep the fun going, it’s imp...


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...

_








Member of BC Press Council


23741